Credit card signatures: Blink and you'll miss them

JP MorganChase, the US's second biggest bank, has done away with signatures for its latest range of credit cards - preferring instead to go for a 'contactless' RFID system.

The contactless payment card, called 'blink', will be available from this summer and will be trialled in a number of 7-Eleven convenience stores across the US, with a rollout to all of its more than 5,000 shops planned for the future.

JP MorganChase said the technology will cut down checkout times and consumers will be able to use the payment system in a range of cinemas, petrol stations, shops and fast-food restaurants.

The cards will be accepted wherever contactless payments can be taken. The card will also work with normal Visa and MasterCard payment systems.

According to Chase, using contactless payments can reduce the time shoppers spend paying at the checkout by 20 seconds.

MasterCard jumped on the RFID bandwagon earlier this year, with its chipped credit cards now accepted in various petrol stations and McDonalds drive-thrus.